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Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.

The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss.

While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%.

Today's show features:

• Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium
• Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty
• Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain
• Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week’s key retail earnings and the state of the American consumer